Maine Payday Loans up to $1K

Maine Payday Loans - legal but with some restrictions. 

Contents:

How Payday Loans in Maine work.

Online Payday Loans in Maine.

Bad credit Payday Loans in Maine.

Quick Unsecured Payday Loans in Maine.

Payday loans rates and fees in Maine.

Payday Loan from Direct Lenders in Maine.

No credit check Payday Loans in Maine.

Payday Loan alternatives in Maine.

FAQ. 

Maine Payday Loans regulation.

First of all, Payday Loans are legal in Maine according to the  Me. Rev. Stat. Ann. tit 9-A §1-201 and Me. Rev. Stat. Ann. tit. 9-A §1-301.  But there are some strict restrictions on all the loans under $2000. They state:

• Payday Loans are  allowed for supervised lenders only.
• The APR for loans smaller than $200 is limited to 30%.
• Lenders can't charge more than $5 for a loan up to $75; more than $15 for $75-$250 loans; and it is $25 for loans above $250 accordingly. 

If you want to file a report or complaint on Payday lenders in Maine, address the Maine Office of Consumer Credit Regulation, Department of Professional and Financial Regulation, 35 State House Station Augusta ME 04333, Phone: (207) 624-8527, Fax: (207) 582-7699, https://www.maine.gov/pfr/consumercredit/index.shtml.

Online Payday Loans in Maine. 

Usually you can apply for a Payday Loan both online and in-store. But, of course, online lending is becoming more and more popular as it has plenty of advantages:

• it gives you a chance to compare a lot of different offers at once,
• you can avoid driving, doing paperwork and waiting in lines,
• applying is free and simple, 
• you have very high chances of approval even with a bad credit score,
• you can find some lenders ready to give you the loan with no credit check,
• it's available 24 / 7.

The process of applying online is quick and simple:

you compare the lenders and choose the one with the best rates and fees;

you fill out the necessary information in the application form

you get the money deposited into your account within 1 business day

you pay off the loan with your next paycheck

Considering the restrictionns on Payday Loans in Maine, which cap the interest and make this business not very profitable for lenders, there may be a lot of illegal companies you should be aware of. In-store lenders may be unwilling to operate in the state dut to low rates. But online companies are not so easy to monitor as they deal with checking account of a person and do not involve any post-dated checks. That is why there are companies that operate illegally in the state. It is very strongly advised not to deal with such companies as long as they charge very high interest and you will not only end up with more debts but can have worse troubles.

Start with the first step - compare the top-rated Payday Lenders online.

Bad credit Payday Loans in Maine. 

Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such loan. To get money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit loan, there are important features to take into account. You can find all these important criteria on COMPACOM.com website, which gives you a unique opportunity to compare companies. Pay attention to:

• Type of lending company
• Credit history and general qualifications
• Co-signer option
• Additional eligibility qualifications
• Employment requirements
• Interest rates and types
• Loan terms
• Fees and penalties
• Repayment options

The types of loans available for bad credit applicants are Payday Loans, Personal Loans and Installment Loans. They typically have higher interest rates and shorter terms than loans offered to people with good credit. You are most likely to get a Payday cash advance as its amount is not very high, $100 - $1000, and the APR on the contrary may exceed 400%. This fact shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.

Quick Payday Loans in Maine. 

Payday Loans are conidered to be fast because:

• it takes only some minutes to apply
• you get instant decision
• the money is deposited into your bank account within a day, or sometimes - an hour.

If you really badly need money fast consider applying in-store. Check cahsers may give you the cash at once.

The main reasons to apply for a Payday Loan in Maine are:

1. You get the funds fast. Banks take a while to qualify you for a loan. Direct lenders usually guarantee instant approval.
2. You can spend the money on any personal needs you have. 
3. It's possible to find a lender ready to approve you with no credit check. 
4. If you have bad credit score and can't get a loan from banks and other traditional financial institutions, you can always find a direct lender ready to help you.
5. The requirements for a Payday Loan are very simple:

• US residence
• Minimum regular income of $1,000 per month
• Valid checking or savings account with direct deposit
• Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
• Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
• If applying Online, you must provide a valid Social Security Number
• If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
• If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.

Short-term loans calculator: rates and fees in Maine. 

The total cost of any loan consists of the principal, interest and additional fees. The maximum fee charged on a payday loan in Louisiana is variable depending on the loan amount and the lender. Besides, you may be charged a verification fee. Direct lenders are prohibited to charge more than 30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249; or $25 for amounts financed of $250 or more.

Or you can find out how much the necessary amount Payday Loan will cost you may use our calculator.

Payday Loans Direct Lenders in Maine. 

First of all, before choosing a lender do some research, don't apply with the first company you see, be responsible as it can influence your future financial wellness.

• Surf the Internet;
• Use some comparing services such as compacom.com;
• Read the customers' reviews, etc.

Before signing an agreement get familiar with the laws and regulations concerning Payday lenders in Louisiana. Both online and in-store direct Payday lenders must:

• be licensed and follow the rules set by the state;
• include the most relevant information on the first page of your contract: the amount of the loan, the terms of the loan, the cost of the loan;
• never ask for or accept payment by automatic deduction from your paycheck (assignment of wages)
• explain the cost of a payday loan and its possible consequences.

No credit check Payday Loans in Maine. 

To find the lender ready to approve you for a Payday Loan without credit check is hard but possible. But you must understand that the fees for such cash advance may be higher than usual as it's more risky for the lender. So consider getting a loan with at least soft credit check. It'll make the process more safe for both you and the lending compeny and the loan will be cheaper. Still it won't damage your credit history.

Payday Loan alternatives in Maine.

If for any reason you want to avoid getting a short-term Payday Loan - consider the following alternatives:

• Installment Loans - $1000 - $5000 at lower interest and for longer period of time.
• Personal Loans - $5000 - $35,000 for up to 7 years with convenient regular repayments.

If you have any financial emergency, you can save by working with a local credit union or community bank. Many banks and credit unions have small loan or overdraft protection services to help with short term money needs. You can also try talking with your creditor, landlord or employer to try to work out a payment plan or other arrangement. Apply for a professional help to a debt managing service or non-profit financial assistance organizations.

FAQ.